All you need to know ahead of the trading week on Tadawul

RIYADH: Saudi Arabian stocks wrapped up the previous trading week with gains, mirroring a strong oil market despite ongoing geopolitical tensions.

TASI finished the week 1.4 percent higher after trading flat at 12,948 points in Thursday’s session, which saw the parallel market, Nomu, drop 1.7 percent to 24,067.

Elsewhere in the GCC, Kuwait led the gainers as it added 1.2 percent. Stock exchanges Abu Dhabi, Dubai, Qatar, Bahrain, and Oman edged up between 0.2 and 0.8 percent.

Egypt’s EGX30 ended 0.3 percent lower.

Crude prices rebounded on Friday as European countries decided against a ban on Russian oil imports over its invasion of Ukraine. 

Brent crude closed the day at $121 per barrel, while WTI crude oil neared $114.

Stock news

• Saudi real estate developer Dar Alarkan partnered with the Omani Tourism Development Co. in a deal for a project estimated at SR6 billion ($1.6 billion)
• Dur Hospitality Co. narrowed its losses by 69 percent to SR15 million in 2021 as the economy rebounded from pandemic-hit 2020
• Tadawul Group received approval from the Capital Market Authority on the new fees structure for the services provided by its subsidiaries – Saudi Exchange, Edaa, and Muqassa
• A unit of Saudi retailer BinDawood Holding Co. signed a deal to acquire 62 percent in International Application Trading Co. with an initial investment of SR107.5 million
• Scientific & Medical Equipment House Co.’s subsidiary obtained a license from SFDA to manufacture a product called ‘Coronary Catheter Balloon’ for the first time in the Gulf
• Sulaiman Al Habib Medical Services Group Co. said the General Authority for Competition has approved its acquisition of 25 percent in Tamkeen Human Resources Co.
• Arabian Pipes Co. got the CMA’s approval to increase capital through rights issue valued at SR300 million
• Al-Moammar Information Systems Co. was awarded a project by the Ministry of Water and Agriculture valued at SR39 million
• Shareholders of Tabuk Cement Co. will receive cash dividends of SR0.25 per share for 2021
• Astra Industrial Group announced a share buyback of up to 800,000 shares to be retained for an employee incentive scheme, in addition to 4 million shares for other purposes